New Jersey § 18a:3b-50
Full text of New Jersey New Jersey Statutes § 18a:3b-50, with citation guidance and answers to common questions.
§ 18a:3b-50.
a. The governing board of a public research university or a State college shall retain
an independent outside auditor who is a certified public accountant to conduct an
annual audit of the institution's financial accounts in accordance with nationally
recognized auditing and accounting standards adopted by the commission. The independent auditor shall be selected by a majority vote of the members of the
board present upon the recommendation of the audit committee. The governing board of the institution shall not retain an independent auditor that
employed the president, chief financial officer, controller, chief accounting officer,
or any person holding an equivalent position at the institution during the one-year
period preceding the audit or that fails to meet any other limitations or restrictions
established by the commission. The governing board shall ensure the independence of the auditor. b. The independent outside auditor shall report his findings to the audit committee. The audit committee shall review the problems identified through the audit with
the institution's president, chief financial officer, and other senior members of
the institution's administrative staff who shall evaluate the independent auditor's
findings and file comments in response to those findings with the audit committee. c. The audit committee shall report the findings of the independent auditor and the
evaluation of those findings by the institution's senior staff to the governing board
of the institution. The audit committee shall recommend actions it deems necessary to rectify any identified
deficiencies in internal controls.
Frequently Asked Questions About New Jersey § 18a:3b-50
What does New Jersey Statutes § 18a:3b-50 cover?
Section 18a:3b-50 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 18a:3b-50?
A common citation format is "New Jersey Statutes § 18a:3b-50" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:3b-50 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.